A half trillion dollars to subsidize renewables would have raised energy prices, worsened inflation, and undermined decarbonization. But what do we do now?
The centerpiece of President Joe Biden’s legislative agenda is dead. The largest component of spending, $570 billion, was for renewables, electric cars, and other climate change investments.
Most dangerously, Build Back Better would have undermined electricity reliability, raised energy prices, and made the U.S. more dependent on foreign energy imports.